FinCEN Eases Beneficial Ownership Checks for New Accounts
FinCEN issued an exceptive relief order that relaxes the requirement to identify and verify the beneficial owners of legal entity customers with every new account, limiting the checks to initial openings and cases where ownership information is called into question or required by risk‑based ongoing due diligence, while preserving all other AML/CFT obligations under the Bank Secrecy Act.


